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MONTREAL, April 16, 2018 (GLOBE NEWSWIRE) -- Maya Gold & Silver Inc. (“Maya” or the “Corporation”) (TSXV:MYA) is pleased to announce that, further to its press release of April 11, 2018, due to high demand, it has successfully completed an over-subscribed, non-brokered private placement (the “Private Placement”) of CAD$28,397,000 through the issuance of 8,605,152 common shares, at a price of $3.30 per common share. The common share price represents a 32% premium to the closing price of the Corporation's common shares on April 10, 2018.

“We are extremely pleased with the high level of investor interest and confidence in our team’s ability to show strong results and advance Maya’s portfolio. With this financing now in place, we look forward to creating long-term shareholder value by continuing the development at our Zgounder Silver property,” said Noureddine Mokaddem, President and CEO of Maya Gold & Silver.

The shares to be issued will be subject to an agreed upon contractual 24-month hold period. No warrants were issued and Maya did not pay any commissions or finder’s fee in connection with the private placement.

The net proceeds of the private placement will be used to continue the development and expansion of the Zgounder Silver mine; Maya plans to begin building its second mine at Zgounder which incorporates new infrastructure including preparation for an open pit as well as building a new processing plant that will increase production capacity to 2,000 tpd by 2021.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, or for the account or benefit of U.S. persons (as such term is defined in Regulation S under the United States Securities Act of 1933, as amended).

ABOUT MAYAMaya Gold & Silver Inc. is a Canadian publicly listed mining corporation focused on the exploration and development of gold and silver deposits in Morocco. Maya is initiating mining and milling operations at its Zgounder Mine owned by Zgounder Millenium Silver Mining, a Maya 85% owned joint venture with l’Office National des Hydrocarbures et des Mines of the Kingdom of Morocco (15%).

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking statements

This news release contains statements about future events or future performance and reflects management’s current expectations and assumptions. These are "forward-looking" because we have used what we know and expect today to make a statement about the future. Forward-looking statements usually include words such as may, intend, plan, expect, anticipate, and believe or other similar words. We believe the expectations reflected in these forward-looking statements are reasonable. However, actual events and results could be substantially different because of the risks and uncertainties associated with our business or events that happen after the date of this news release. You should not place undue reliance on forward-looking statements. As a general policy, we do not update forward-looking statements except as required by securities laws and regulations. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in the Corporation’s filings with SEDAR.